Flipkart co-founder Binny Bansal sells $14 million shares to Tiger
Flipkart co-founder Binny Bansal has sold $14 million (Rs 93.1 crore) of his remaining Flipkart shares to Tiger Global Management as Bansal invests more in start-ups.
Binny Bansal has sold a further $14 million of Flipkart shares after selling off $76 million worth in June, TNN reported, citing company filings accessed by the data intelligence firm Paper.vc. Bansal now holds a 3% share in Flipkart.
Bansal is turning his focus to investing in Indian start-ups and is currently chairman of xto10x Technologies, a business offering consulting services to start-ups. According to YourStory, Bansal has backed over 25 start-ups and has invested in several multiple times.
Bansal previously invested in Abhishek Agarwal’s fashion group Purple Style Labs which runs the fashion e-commerce platform Pernia’s Pop-Up Shop among other fashion ventures. Bansal's investment contributed to the group raising a total of $8 million since its launch in 2015.
Bansal left Flipkart in November 2018 after founding the e-commerce business in October 2007. Bansal had left the business amid claims of misconduct in the workplace months after Walmart had acquired a 77% stake in it the summer before.
Copyright © 2021 FashionNetwork.com All rights reserved.